'Please stop' tweeting about oil, Iran tells Trump

President Rouhani talks to Iranian expatriates in Bern Switzerland

And according to Hossein Kazempour Ardebili-the Islamic Republic of Iran's OPEC governor-some of the president's OPEC-bashing tweets will have the effect of increasing oil prices.

Tehran blames rising prices on USA sanctions imposed on Iran and Venezuela, founding members of the cartel.

At their meeting in Vienna last month, OPEC countries and key ally Russian Federation said they will raise production by a million barrels per day, but analysts are concerned it may not be enough for oil prices to spiral out of control, at least until new US shale production comes on stream.

International Brent crude oil futures were at $77.18 per barrel at 0043 GMT, down 21 cents, or 0.3 percent, from their last close. The global benchmark traded at a US$6.11 premium to WTI for the same month.

US President Donald Trump's nuclear reaction is threatening to turn off the taps of the world's major oil supply.

"You can find a fairly strong inverse relationship in national presidential election years between the gasoline price and presidential approval", said Kevin Book, managing director at Clearview.

High gasoline prices are no help to USA presidents, especially if their approval ratings are already shaky, according to Washington-based consultant ClearView Energy Partners.

In response, a senior Iranian official accused Mr Trump of sending prices even higher through his tweets. Despite that key member Saudi Arabia is affirming that the group and its allies will boost output, Goldman Sachs Group Inc. warned that oil is likely to lead a new rally as the market faces significant supply risks from Venezuela to Iran.

"Opec will, from July 1, strive to adhere to the overall conformity levels for the remaining duration of the Declaration of Cooperation", said Suhail bin Mohammed Faraj Faris Al Mazrouei, Minister of Energy and Industry, on Tuesday. "We expect you to be more polite". The last time there were sanctions against Iran, South Korea managed to score a waiver by pledging to cut the amount of crude it buys from Tehran. There have been supply outages in Venezuela, Libya, Canada, Angola, Iran, and Kazakhstan, according to the trade publication Oil Price.

Monica Malik, chief economist, Abu Dhabi Commercial Bank, welcomed the UAE's decision to hike output later this year as it will bring stability in the oil market and also improve government revenues from hydrocarbon sector.

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